The electric vehicle landscape is undergoing a notable transformation, marked by an increasing backlog of unsold cars at dealerships. This phenomenon is creating a unique opportunity for prospective buyers to acquire EVs at potentially reduced prices. The surge in inventory, particularly for certain 2024 and 2025 models, suggests a shift in market dynamics that favors the consumer, offering more leverage and the possibility of securing advantageous deals as retailers aim to clear their lots.
A recent analysis by iSeeCars reveals that several EV models are experiencing significant oversupply. For the 2024 model year, the Genesis GV60 stands out with an inventory share of 21.8%, meaning more than one-fifth of the GV60s on dealer lots are still from the previous model year. Despite its early entry into the premium EV segment, alongside the Hyundai Ioniq 5 and Kia EV6, the GV60 has struggled to maintain strong sales momentum in the U.S. This surplus hints at challenges for Genesis in the competitive electric vehicle market.
Similarly, other models from the 2024 lineup are also accumulating. The Dodge Charger Daytona EV, a model Dodge had high hopes for, having discontinued its gasoline-powered predecessors, now constitutes 20.9% of dealer inventory. Following closely are the Chevrolet Silverado EV at 11.9% and the GMC Hummer EV SUV at 5.5%, indicating a broader trend across different segments of the EV market.
Looking at the 2025 models, the inventory situation appears even more pronounced. The BMW i4, currently BMW’s top-selling EV in the U.S., shows a remarkable 89.2% inventory share. This high percentage suggests that dealerships are heavily stocked with the 2025 i4, possibly influenced by the cessation of the $7,500 federal EV tax credit in September. The Porsche Macan EV also features prominently with 67.8% of its 2025 models in dealer inventory, ahead of the Volkswagen ID.4 at 59.1%, Cadillac Escalade IQ at 47.8%, and Genesis Electrified GV70 at 37.2%.
Rounding out the top ten for 2025 models are the Genesis GV60 at 35.3%, Honda Prologue at 34.1%, Mercedes-Benz EQE at 30.9%, Cadillac Lyriq at 30.6%, and the GMC Hummer EV at 30.2%. This widespread accumulation across various brands and models signals a potential buyer's paradise, where negotiation power could be at an all-time high as dealers are motivated to reduce their stock, protect profit margins, and adapt to the evolving market landscape.
The current market conditions suggest that the ball is firmly in the consumer's court. With a substantial number of electric vehicles sitting on dealership lots, buyers are likely to encounter more favorable pricing and incentive programs. This abundance offers a prime opportunity for those considering an EV purchase to conduct thorough research and enter negotiations from a position of strength, ultimately leading to more informed decisions and potentially significant savings.
